Iron ore blasts the shorts

Wednesday 2 October 2024

With China closed, iron ore is flopping around like a fish out of water in Singapore futures:

One dynamic worth mentioning is the shift in Chinese futures. Steel (and iron ore shorts, including me) have been blasted to bits:

It doesn’t tell us the squeeze is over, indeed, we need to go lower.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.